Federal Budget 2019 -Tax Refund On Spot

Australia’s 2019 Federal Budget has been unveiled. The key features of this year’s Budget were tax cuts and infrastructure spending with the theme of “A stronger economy and a secure future. Here is the people who will get benefit from federal budget 2019 are:
Succeeding generations – The budget predict a return to surplus of $7.1 billion by 2019-20, after more than a decade of deficits since the global financial crisis.
Individual taxpayers – The budget promises a $302 billion package of personal tax cuts to be rolled out over the next decade.
Middle and low-income earners – Immediate tax relief for low- and middle income earners of up to $1,080 for singles or up to $2,160 for dual income families to ease the cost of living.
Small business – The small business instant asset write-off threshold will be lifted to $30 000 and expanded to include businesses with a $50 million turn over. This change applies from 7:30 AEDT on Tuesday night to June 30, 2020.Small business tax cut – For businesses with a turnover of less than $50 million a year their tax rate will be lowered to 25 per cent by 2021-22.
Infrastructure – The budget includes a record $100 billion in funding for transportation around the country over the next decade.
Patients – Extra $7.7 billion over three years to 2022-23 for better access to MRI scans for patients with breast cancer, and $1.4 billion over five years from 2017-18 for new Pharmaceutical Benefits Scheme listings, including medicines to treat spinal muscular atrophy, breast cancer, refractory multiple myeloma, relapsing-remitting multiple sclerosis and a new medicine to prevent HIV.
Medical research future fund – $ 5 billion will be granted to the fund, including $614 million for rare cancers and diseases, $220 million for cardiovascular health, $605 million for clinical infrastructure and $150 million for stem cell research.

Mental health – $737 million has been included in budget over seven years to deliver more services for people living with mental illness, including $461 million for youth mental health and suicide prevention.
Drug addicts and their families – Through it $337 million drug strategy, the Government is hoping to target the harmful effects of ice, alcohol, tobacco and opioids by increasing access to services outside metropolitan areas, funding local family drug support services and include measures to target opioid use.
Parents/children – Preschool education will get a $453 million boost for the 2020 school year.Regional students – $93.7 million will be granted over four years for scholarships to attend regional universities or vocational education.
Regulators – Gain $600 million in funding for the banking royal commission fallout.

For more information on myTax 2019, online tax return 2019, myGov 2019, Tax Return 2019 , or any other tax related matter, please call our professional accountant on 1300 768 284 .